"12 March 2022" Archive - Page 3

UP Excise Act | section 72(7) | Civil Appeal required to be decided by District Judge

Yashpal Vs State of U.P. and Another (Allahabad High Court)

Yashpal Vs State of U.P. and Another (Allahabad High Court) clause (e) of sub-Section (1) of Section 72 of U.P. Excise Act, 1910 provides that whenever an offence is punishable under this Act, every animal, cart, vessel or other conveyance used in carrying such receptacle or package shall be liable to The power of confiscation […]...

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Investor’s Don’t Panic

We all are marching towards end of this pandemic. We are just started celebrating free movement, seeing upward growth in financial parameters. However, unfortunately the war begins between Russia and Ukraine. Due to this we all become victim of negative environment again. Market start falling with high speed and at the same time, investor...

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Posted Under: Excise Duty |

Conversion of Proprietorship concern into Partnership Firm

Article explains Steps to be followed for Conversion of Proprietorship concern into Partnership Firm, Steps for transferring unutilised ITC to the partnership firm from proprietorship, Documents required for incorporating a partnership firm and Documents required for Certificate of Registration of Partnership. Steps to be followed for Con...

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Posted Under: Excise Duty |

SC Guidelines for Operation and Safety of Lockers

A customer for security of his /her valuables approaches the banks and ask for safe deposit lockers. It is duty of the banks same as bailee to provide security and safety to the valuables kept in safety lockers of their customers....

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Posted Under: Excise Duty |

Section 271(1)(c) Penalty notice issued without strike off of irrelevant part not sustainable

Kanshi Ram through Legal heir Sh. Sanjeev Kumar Vs ITO (ITAT Delhi)

Kanshi Ram through Legal heir Sh. Sanjeev Kumar Vs ITO (ITAT Delhi) On perusal of the notice issued u/s 274 read with section 271(1)(c) of the Act we observe that the notice issued was stereotyped and the Assessing officer has not specified any limb or charge for which the notice was issued i.e., either for […]...

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Proper officer for adjudication of SCN issued by officers of DGGI

Circular No.169/01/2022-GST 12/03/2022

Amendment to Circular No. 31/05/2018-GST, dated 9th February, 2018 on ‘Proper officer under sections 73 and 74 of the Central Goods and Services Tax Act, 2017 and under the Integrated Goods and Services Tax Act, 2017’–reg. F.No. CBI C-20016/2/2022-GST Government of India Ministry of Finance (Department of Revenue) Central Bo...

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HC quashes reopening notice as reason to believe has no rational nexus to belief for escapement of income

Kurz India Private Limited Vs PCIT (Delhi High Court)

Kurz India Private Limited Vs PCIT (Delhi High Court) Appellant submits that in this case reopening is initiated on the basis of review and re-appreciation of the same material i.e. audited accounts which were subject to verification in the course of original assessment proceedings under Section 143(3) which is not permissible in law. Upo...

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No section 14A disallowance if Assessee’s own funds exceeded investments

Lotus Ornaments Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Lotus Ornaments Pvt. Ltd. Vs ACIT (ITAT Mumbai) Upon perusal of assessee’s financial statements, it could be gathered that assessee’s own funds in the shape of share capital and free reserves far exceeds the investment made by the assessee and therefore, a presumption would run in assessee’s favor that the investments were funded ou...

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HC cannot interfere with finding of facts if it involves re-appreciation of evidence

CIT (Exemptions) Vs Shugan Chandra Kothari Trust (Delhi High Court)

CIT (Exemptions) Vs Shugan Chandra Kothari Trust (Delhi High Court) It is settled law that an appeal under Section 260A of the Act is to be entertained only when it directly and substantially affects the rights of the parties or is not free from difficulty or call for discussion of alternative views or the factual […]...

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CGST Mumbai Unearths fake ITC amounting to Rs. 396.84

The officers of Mumbai West CGST Commissionerate of Mumbai Zone have busted a fake GST Input Tax Credit (ITC) racket and arrested the director of a private limited company....

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Posted Under: Excise Duty |

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